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Capital markets union 2020 action plan: A capital markets union for people and businesses

The next step in the Commission’s project to build a single market for capital – one that supports people, businesses and the economy.


The aim of capital markets union (CMU) is to get money – investments and savings – flowing across the EU so that it can benefit consumers, investors and companies, regardless of where they are located.

While progress has been made since the CMU initiative was launched in 2015, EU capital markets remain fragmented. This means that European citizens and businesses are not able to fully benefit from the deep, competitive, efficient and reliable sources of funding and investment that capital markets can offer.

A strong and complete CMU is needed now more than ever, in order to support the economic recovery following the COVID-19 crisis and finance the green and digital transitions. In addition, CMU can contribute to a more inclusive and resilient society, notably by helping to meet the challenges posed by an ageing population. Lastly, integrated capital markets are crucial for the EU’s global competitiveness and its autonomy.

Against this backdrop, the Commission on 24 September 2020 adopted a new CMU action plan.

Key objectives and actions

The CMU action plan proposes 16 legislative and non-legislative actions to deliver on three key objectives:

1. Support a green, digital, inclusive and resilient economic recovery by making financing more accessible to European companies

2. Make the EU an even safer place for individuals to save and invest long-term

3. Integrate national capital markets into a genuine single market